Quicken Loans: Home Prices Not Expected To Remain Static

Home values dipped 0.56 in March, while appraiser opinions of home values fell further below those of homeowners, a retail mortgage lender said Tuesday.

Values Are Up Y/Y

Detroit-based Quicken Loans said that despite the small decline in home values during March compared to February, they're up 6.42 percent from a year ago.

The privately held company also said that appraiser opinions were lower than homeowner estimates by 0.40 percent in March compared to February, when appraiser opinions were 0.13 percent lower than homeowner estimates.

"It's encouraging to see the gap at such a narrow margin," said Quicken Loans Economist Robert Walters.

"The market is in a lull right now," Walters said, predicting that the 2015 peak real estate season could push home values either higher, or lower, "in a big way."

Image Credit: Public Domain

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Values Are Up Y/Y